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Just What Is it That Makes A Successful Forex Trader?

If you were to split foreign exchange traders into two groups � those who are successful and those who are not so successful � would it be possible to pick out those characteristics which separate one group from the other?

It does not really matter what we do in life, which includes foreign exchange trading, however, whatever we do, one thing that will have more affect on our success than anything else will be goal setting.

It is a simple fact that the human brain works best when it has a roadmap to follow and, in setting a goal, you start building your roadmap by defining the end point of your journey. But fixing a destination is not enough and you will also have to define the route to follow to reach your destination. Let's look at an example.

Imagine you make up your mind to build a fortune as a foreign exchange trader, who doesn't after all! This is not however much help as any goal which you set needs to be measurable, otherwise you will have no way of knowing whether or not you have reached it. So, at this stage, you have to be clear about just what you mean when you talk about a 'fortune'.

Let us assume therefore you decide to set a goal of making $1,000,000 in the next year. You now have a clear destination. The next problem however is that, since you are almost certainly new to the world of foreign exchange trading, are still learning the ropes and may have only limited money to invest at this point, making $1,000,000 in the next year is perhaps an unrealistic goal.

In addition to being measurable, goals also have to be realistic. It is immaterial what goal you set for yourself in foreign exchange trading, but it must be within your capabilities. There is no point in saying that you intend to win Wimbledon if you have never even picked up a tennis racket.

So, instead of aiming for $1,000,000 let us think about setting a more realistic target of say $120,000. Once we have done this, we then have to break this figure down into marker posts which we can put onto our roadmap and we can do this by viewing our target on a monthly instead of a yearly basis. This will give us twelve $10,000 markers. However, if we continue along these lines we can then break our goal down further into weekly markers of $2,500.

At this stage we have got something which we are able to examine against our current experience and it is a fairly easy matter to determine whether or not this figure is reachable. Is it feasible, against the background of your recent experience, to make $2,500 trading Forex in the coming week?

Your goals have to be measurable and realistic, but they also have to be attainable. It is all very well to set a realistic goal, but you also need to have the right tools, in the right place at the right time to reach that goal. If you are presently making $750 a week then you are probably not going to turn this into $2,500 overnight so, in this case, your goal is unattainable and you will have to go back to square one and start all over again.

However, if we assume that $2,500 is feasible, then there is just one further step which you need to take before you are ready to head off on your journey. This final step is to paint a mental picture of your destination.

Although you have set a target of making $120,000 in the next year, the money by itself is of course not really what you are aiming for, but it is what you can do with the money which is important. So, having made your $120,000 what do you intend to do with it? If you want to buy yourself a new sportscar then paint a picture in your mind's eye of driving off into the sunset with the roof down and then you will truly have a goal.

If you want to be successful in foreign exchange trading then you must set yourself a goal which is measurable, realistic and attainable and than paint a picture of your goal in your mind's eye. Do this and you will be amazed at just how simple it is to reach your destination.

LearningForexTradingOnline.com is the ideal place to learn Forex trading online and provides information on a wide range of topics including the value for the novice trader of Forex mini trading

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